Pennon Group, who are a parent company of South West Water, have reported a 3.4 per cent rise in pre-tax profit, despite a fall in total revenues and operating profit for the 6 months to the 30th September 2012, in comparison to the same period last year.
Pennon’s pre-tax profit increased to £111.1 million from £107.4 million in the same period last year, but total revenue fell to £633.7 million from £642 million. Operating profit also fell, by 4.8 per cent to £136.3 million from £143.1 million.
South West Water reported a better performance than it’s Viridor waste business, posting pre-tax profit of £83.8 million for the period, up from £76.2 million in the same period last year.
Pre tax profit at Viridor was down 26.5 per cent to £22.5 million.
South West Water’s increase was attributed to lower operating costs, despite a fall in customer demand of 3.5 per cent due to the UK’s unusually wet summer.
Operating profit for South West Water rose by £7.1 million during the period to £115 million, an increase of 6.6 per cent.